SunTrust shuffles management

DavidWeidner

NEW YORK (CBS.MW) -- SunTrust Banks has named James Wells president and chief operating officer as part of an executive shuffle, the Atlanta-based bank said Thursday.

Wells, 58, was a vice chairman at the Atlanta-based bank
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He replaces chief executive L. Phillip Humann in the role of president. Wells will also head the corporate and investment banking unit.

The company also said vice chairmen John Clay, 63, and Theodore Hoepner, 63, will retire next year.

The move comes less than a month after SunTrust fired three top executives over bad loans and disclosed that the Securities and Exchange Commission was beginning an informal investigation into accounting woes.

The bank also restated results, raising its first-half profit $25.1 million, or 9 cents per share.

Vice Chairman William Reed, 58, will assume direct responsibility for SunTrust's four geographic banking groups, as well as for corporate sales administration. Those duties had been held by Clay.

In addition, Robert Coords was named chief risk officer and senior executive vice president. He formerly served as chief quality and efficiency officer. Coords will now oversee antilaundering and Sarbanes-Oxley Act compliance.

Former strategic financial officer David Dierker, 47, has been named chief administrative officer, a new position. Among Dierker's duties will be to oversee mergers and acquisitions, human resources and auditing.

Carl Mentzer, 59, has been named chief credit officer. He is head of the bank's commercial line of business. Mentzer replaces Sandra Jansky, who was fired last month amid the accounting scandal.

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